Market Closes - November 18, 2015

CBOT futures traded both sides of unchanged, but closed steady (Corn) to lower (Wheat, Soybeans). Corn and soybean futures didn’t trade below recent lows; however, soybean meal broke to new contract lows. Today’s poor futures market performance in conjunction with expectations of a wetter forecast in Brazil and increased soybean sales post-election in Argentina would appear to give the bears an advantage. Remember the speculative funds are short corn, wheat and soybeans and want to see prices weaken further.

Boosted by Tuesday’s bullish price reversal, cattle futures rallied sharply today without the support of cash markets. Fed cattle haven’t traded ahead of Friday’s Cattle on Feed Report. Boxed beef was weak at midday and fell off more later in the day. Choice Beef dropped 1.69 to 206.68 and Select fell 1.23 to 196.70. This weighed on Live Cattle futures in afternoon trading. Live Cattle futures ended the day about a dollar/cwt below the day’s highs and the 1:00 pm settlement prices (quoted above).

Lean Hog futures also rallied early this morning based on Tuesday’s bullish price action. However, LH futures turned lower within 30-40 minutes of opening and eventually closed at/near the day’s lows. FOB Plant Pork edged up .16 to 72.19.